Correlation Between HUMANA and EA Series
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By analyzing existing cross correlation between HUMANA INC and EA Series Trust, you can compare the effects of market volatilities on HUMANA and EA Series and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in HUMANA with a short position of EA Series. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and EA Series.
Diversification Opportunities for HUMANA and EA Series
Pay attention - limited upside
The 3 months correlation between HUMANA and STXG is -0.76. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and EA Series Trust in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EA Series Trust and HUMANA is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on HUMANA INC are associated (or correlated) with EA Series. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EA Series Trust has no effect on the direction of HUMANA i.e., HUMANA and EA Series go up and down completely randomly.
Pair Corralation between HUMANA and EA Series
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the EA Series. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 1.62 times less risky than EA Series. The bond trades about -0.07 of its potential returns per unit of risk. The EA Series Trust is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest 4,224 in EA Series Trust on August 28, 2024 and sell it today you would earn a total of 141.00 from holding EA Series Trust or generate 3.34% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 90.91% |
| Values | Daily Returns |
HUMANA INC vs. EA Series Trust
Performance |
| Timeline |
| HUMANA INC |
| EA Series Trust |
HUMANA and EA Series Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and EA Series
The main advantage of trading using opposite HUMANA and EA Series positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, EA Series can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in EA Series will offset losses from the drop in EA Series' long position.| HUMANA vs. Zhihu Inc ADR | HUMANA vs. National CineMedia | HUMANA vs. Comstock Holding Companies | HUMANA vs. PennantPark Investment |
| EA Series vs. Invesco Dynamic Large | EA Series vs. Perella Weinberg Partners | EA Series vs. HUMANA INC | EA Series vs. Aquagold International |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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